As China’s economy declines, the gap in the pension system continues to widen. Dai Xianglong, the former governor of the Communist Party of China (CPC) central bank, recently proposed a novel idea: the property fined or confiscated by corrupt officials in the CPC is “hundreds of millions or billions of yuan”, so it should be used as a pension fund.
According to “Interface News,” Dai Xianglong said at a pension forum held by the Chinese Communist Party’s Academy of Social Sciences on December 19: “Now the administrative courts confiscate a lot of money from fines, and corrupt officials confiscate hundreds of millions or billions of dollars at once, I don’t know how much money in the country. All or part of the allocation to the pension reserve fund, I think this is reasonable.”
In addition, he also suggested that the land of the state, or expropriated land does not have to be used for building houses, but can be given out partly as social security, pension funds, etc.
Dai Xianglong’s suggestion was endorsed by netizens as a “good idea,” while others questioned, “Where is the confiscated money going now?”
However, many other netizens who have some knowledge of the Communist Party believe that this is unlikely to be implemented: “I don’t know how much the pensions will increase, but we should be able to estimate how many people it would take to set up such a management body nationwide!”
“The Chinese Communist Party has always ‘preferred to give a gift to a friendly country rather than a domestic slave’. How could it possibly give the collected stolen money to the people?”
Some also point the finger at Dai Xianglong himself. Dai Xianglong has deep roots in China’s financial sector, having served as vice governor of China’s Agricultural Bank, vice chairman of the Bank of Communications and governor of the People’s Bank of China. In 2012, the New York Times published a report “Dai Xianglong’s relatives profit from peace”, exposing Dai’s son-in-law Che Feng and Dai’s family corruption secrets. 2015, Hong Kong media said that Che Feng was arrested in Beijing, the case is very extensive, Dai Xianglong was also investigated by the Chinese Communist Party’s Central Commission for Discipline Inspection. In 2015, the Hong Kong media said that Che Feng was arrested in Beijing, the case is very extensive, Dai Xianglong was also investigated by the CPC Central Commission for Discipline Inspection, suspected of reporting more than 50 corrupt officials in the financial sector, etc.
As a result, netizens said, “All the officials of the communists are corrupt, and if all the family assets of these bandits (including Dai Xianglong himself) were confiscated and distributed equally to every Chinese, China would instantly enter the top 10 richest countries in the world per capita…”
“I strongly agree! Why don’t Comrade Dai Xianglong consider donating his family’s property to the grandparents first? To be a good example for corrupt officials? First and foremost, set an example? Well, how much more corrupt officials can be corrupt than you you that level!”
Although China’s middle-aged and middle-aged people need to prepay their monthly pensions rising, the China Insurance Association released a report in November saying that China will have a pension shortfall of 8 trillion to 10 trillion yuan in the next 5 to 10 years, and it will expand. The Communist Party of China has also continued to make announcements that it will raise the retirement age. Many Chinese are worried that they may not receive their pensions when they grow old, or even run the risk of running out of money.
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